Veganism Set to Shake Up Big Food Companies in 2018

Food industry analysts agree that plant-based products and businesses will force larger companies to innovate or get out of the kitchen.

A recent report compiled by media outlet Foodnavigator highlighted the innovations set to change the food industry in 2018. Several market analysts predicted that plant-based companies—which create products in line with current consumer habits—will force traditional brands to develop new concepts to retain customers. “The rising number of vegans and how fashionable the cuisine now seems to be—big companies are taking notice,” GlobalData consumer analyst Ronan Stafford said. “The number of vegan options will increase in both supermarkets and restaurants.” Katya Witham, food and drink analyst at market research firm Mintel, confided Stafford’s prediction. “Veganism is now seen as a trendy lifestyle,” Witham said. “Today, vegan products attract attention from a much wider audience, namely health and ethically driven, flexi-vegan consumers." GlobalData found in its 2016 report that 70 percent of the world’s population is actively reducing its meat consumption, while Mintel’s 2017 Global Food & Drink Trend report found that new vegan product launches increased by 257 percent worldwide since 2010.